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"That would take a huge burden off young New Zealanders, particular poor New Zealanders trying to get into their first house."

The average cost of a house in Auckland is now about $956,000, according to the latest figures issued by QV.

If Mr Reddell's prediction came true, that price would reduce to about $716,000. That's the equivalent of the May 2014 average for the city and well above the current nationwide average price of $578,000.

Last year, a record 68,000 immigrants arrived here and about half our migrants are believed to settle in Auckland.

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The Government has ruled out stemming the flow from overseas, saying that a large proportion of arrivals are returning Kiwis.

It also says high net migration is only one part of a rare "trifecta" of economic trends " along with low interest rates and high confidence in the economy " putting pressure on housing and infrastructure.